Vista Gold Corporation (VGZ) released its updated Preliminary Feasibility Study last month for their Mt. Todd Gold Project in Northern Territory, Australia, and there were quite a few improvements. The After-Tax NPV (5%) improved from $679 million to $823 million using a $1,350/oz gold price, and gold recovery rate improved by 610 basis points to 91.9%. While these are positive developments, the elephant in the room continues to be the massive capex bill required to put the project into production. At a current estimated initial capital cost of $826 million, this is nearly